TY - JOUR
AU - Kim,Namsuk
AU - Wallis,John Joseph
TI - The Market for American State Government Bonds in Britain and the United States, 1830-1843
JF - National Bureau of Economic Research Working Paper Series
VL - No. 10108
PY - 2003
Y2 - November 2003
DO - 10.3386/w10108
UR - http://www.nber.org/papers/w10108
L1 - http://www.nber.org/papers/w10108.pdf
N1 - Author contact info:
Namsuk Kim
E-Mail: kimnamsuk@un.org
John Joseph Wallis
Department of Economics
University of Maryland
College Park, MD 20742
Tel: 301/405-3552
Fax: 301/405-3542
E-Mail: wallis@econ.umd.edu
AB - In the 1830s the British and American economies were hit by a series of shared macroeconomic shocks. This paper investigates the role of markets for Americas State bonds in Britain and the U.S. during and between the crises in 1837, 1839, and 1842. There is strong evidence that the crises in 1839 and 1842 originated in the U.S. and spread to Britain. There is also strong evidence that credit markets for American state bonds were tighter in the U.S. than in London between 1839 and 1842.
ER -